Wal-Mart failed to get approval for a bank. But the giant discount chain is effectively building one anyway. Wal-Mart said yesterday that it would rapidly expand the financial services offered in its vast network of stores, extending the reach of its retailing empire into its shoppers’ wallets and the traditional turf of the American banking industry. (New York Times, Thursday)
Taking deregulation into their own hands.
FEE Timely Classic
Toward Free Banking by Donald R. Wells and L.S. Scruggs